MOF: NO interest to be accrued on six-months HP moratorium

The Ministry of Finance today stated that the total amount for your Hire Purchase loan will not change as NO compound nor interest will be accrued on it during the six-month moratorium. 

This was a u-turn from what the Association of Banks (ABM) had indicated earlier. You can read more about that here.  

Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz stated “To this, borrowers must resume their loan repayments as usual based on the terms of agreement with their respective banks. This includes an additional six months to the total repayment schedule if they choose to join the moratorium. The government hopes this can reduce the burden of the rakyat during this challenging time.”

You can obtain further information from your respective banks tapi esok cuti lah kan so maybe check with them on Friday. 

This is the kind of u-turn we approve of and thank you MOF for the early Wesak Day present.